Malaysia Marine and Heavy Engineering Holdings in $645 Million IPO

Cleary Gottlieb represented Malaysia Marine and Heavy Engineering Holdings (MHB) and the selling shareholder, MISC Berhad, in the RM2,002.9 million (approximately US$645 million) IPO of MHB. Credit Suisse (Singapore) and J.P. Morgan Securities acted as the international placement managers, and Maybank Investment Bank Berhad, Credit Suisse (Singapore) and J.P. Morgan Securities acted as the Malaysian placement managers. The shares were sold through a registered public offering in Malaysia and a Regulation S offering outside of the United States. The deal priced on October 15 and closed on October 28, and the shares of MHB were listed on the Main Market of Bursa Malaysia on October 29.

MHB is Malaysia’s main fabricator of offshore oil and gas structures, operating Malaysia’s largest repair shipyard and a fabrication facility in Turkmenistan, and conducts marine engineering and construction, conversion and repair projects. The company is a subsidiary of MISC Berhad, a global shipping company focused on the energy sector, and is an indirect subsidiary of Petroliam Nasional Berhad (PETRONAS), a FORTUNE Global 500 integrated oil and gas corporation wholly owned by the Malaysian government.